Rocket Lab to go public through proposed SPAC merger deal

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Rocket Lab USA- a California-based private aerospace manufacturer and small satellite launch service provider is reportedly nearing an agreement to go public via a merger with Vector Acquisition – which is a special purpose acquisition firm that will help value Rocket Lab at USD 4.1 billion, inclusive of debt. For the record, Vector Acquisitions is backed by technology-focused private-equity firm Vector Capital and raised close to USD 300 million in terms of initial public offerings (IPO) in September 2020. Notably, Rocket Lab is backed by leading defense company- Lockheed Martin Corp. A startup that has to date launched nearly 97 satellites for private companies and the government for applications like research and communications. Along similar lines, the company’s deal with Vector is likely to include additional funds of nearly USD 470 million in terms of a so-called private investment in public equity from investors like Neuberger Berman Group LLC, and BlackRock Inc. Citing reliable sources, Rocket Lab is projected to use the proceeds from the agreement to fund the development of a medium-lift Neutron launch vehicle developed for satellite mega-constellations, commercial spaceflight, and space missions. Seemingly, the Neutron rocket will be able to live most of the satellite forecast to launch in the coming times and be positioned as a low-cost substitute for larger vehicles. In other news, Rocket Lab has also introduced its plans for its Neutron rocket- which is an 8-ton payload class launch vehicle developed for mega-constellation. The Neutron launches will be initiated from the Mid-Atlantic Regional Spaceport of Virginia located at the NASA Wallops Flight Facility. Through leveraging the prevailing launch pad along with the integration infrastructure at the Mid-Atlantic Regional Spaceport, the company will remove the need to develop a new pad, accelerating the timeline to the first launch which is likely to take place in the year 2024. Source Credit: https://financialpost.com/pmn/business-pmn/rocket-lab-nears-merger-deal-with-a-spac-to-go-public-wsj